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Meanwhile, BNP Paribas hires in structured finance
Aspire's first deal is a $391.28m non-prime securitization
Two lenders entering administration should signal to others: simplify the industry
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The Stichting Holland Homes 2007-2 Dutch residential mortgage-backed securitization has been restructured, with the outstanding senior class A series carved up into two tranches—paving the way for the tranche to hang on to its AAA rating.
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The global bank review by Moody’s Investors Service could potentially hold up new issuance volumes in Europe’s securitization market during the second quarter, according to some market professionals in London.
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Performance of most residential mortgage-backed securities and automobile asset-backed securities in Russia and the Commonwealth of Independent States remained relatively stable in February, according to Moody’s Investors Service.
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Global securitization issuance jumped nearly 6% in the first quarter of 2012 to $167.93 billion across sectors, according to data from Dealogic.
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Springleaf Financial’s upcoming securitization of subprime residential mortgage loans from its legacy portfolio is likely to price strongly as investors reach for relative spread to comparable investments in a yield-hungry environment, according to market players.
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Rabobank’s subsidiary Obvion took the market by surprise on Tuesday when it privately placed its second Storm RMBS issue this year. The deal does not alleviate the Dutch publicly sold RMBS drought, but bankers expect this might change in the next quarter.
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Credit Suisse is said to have dropped the rating by Fitch Ratings from a residential mortgage backed security because of a dimmer view of the RMBS than that taken by rivals Standard & Poor’s and DBRS, according to Paul Taylor, Fitch’s new ceo.
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Eurohypo’s $740 million portfolio of performing loans has attracted more than 100 prospective buyers.
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Netherlands-based lender Obvion has privately placed a securitization of Dutch prime residential mortgages, STORM 2012-II.